The company said total revenue to the end of last year was $15.3 billion, down 24% from the same quarter of the previous year.
Lenovo Chief Executive Officer Yang Yuanqing said in a meeting with analysts that the entire PC and mobile market experienced a “severe downturn” in the last quarter, and the company is looking to cut costs and increase efficiency. CFO Wong Wai Ming added that Lenovo aims to reduce its current operating expenses by approximately $150 million: “This includes an overall reduction in operating expenses as well as personnel adjustments where necessary and appropriate.”
Source: Ferra
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